There is an old statement, "All contracts are an agreement, but all agreements are not contracts" which implies that agreement is different from a contract. Without knowing the fact, we enter into hundreds of agreement daily, which may or may not bound us legally. Those which bind us legally are known as a contract, while the rest are agreement. In this way, the Indian Contract Act came into force, which was enacted by the British Government because at that time they were ruling on India. The … [Read more...]
Difference Between Vegan and Vegetarian
Nowadays, becoming vegan or vegetarian is in vogue. Vegetarian is a very old concept, especially for the followers of Hinduism. For Hindus it is a tradition or say ritual, to avoid use of meat, flesh or eggs in the diet, which starts right from the birth of a child and continues till he survives. Vegan is relatively a new concept, which came into being due to the maltreatment of animals for satisfying human needs. Therefore, veganism is for social good and it is like a revolution for the … [Read more...]
Difference Between Creativity and Innovation
Change is the basic law, that governs the entire nature. In this fast-paced world, technology is changing rapidly, i.e. nobody can assure you that the world is going to be same, five years later, as everything changes with the blink of an eye. So, if one wants to go along with the world, then the only requirement is to be creative and innovative. While Creativity is related to 'imagination', but innovation is related to 'implementation'. The primary difference between creativity and … [Read more...]
Difference Between Degree and Diploma
Generally, a degree course is offered by an autonomous college or university, whereas a diploma programme is provided by the educational institutions and even by colleges. In general, a degree course is completed in 3-4 years. On the contrary, a diploma course requires 1-2 years for completion. Education not only lets us understand the difference between what is right and wrong, but also eradicates illiteracy, removes myths and superstitions, makes a person confident. So, it's not all about … [Read more...]
Difference Between Recruitment and Selection
Recruitment is a process of searching out the potential applicants and inspiring them to apply for the actual or anticipated vacancy. On the other hand, Selection is a process of hiring employees among the shortlisted candidates and providing them a job in the organization. Due to increase in population, getting a good job is not an easy task. Employers want the right candidate for the concerned position. The large supply of workforce has given them the opportunity to select the best … [Read more...]
Difference Between Mission Statement and Vision Statement
A company's vision and mission are of supreme importance, with respect to the future growth and success of the business, irrespective of its size, nature, and type. It not just directs the course of business and its workers but also helps in marketing your brand to the customers. A mission statement expounds the entity's business, its goals and approach to reach the goals. On the other hand, a vision statement is one that tells the desired future position of the entity. A mission statement is … [Read more...]
Difference Between Marketing and Advertising
No one can deny the fact that the survival of business, mainly depends on its customers. And so the concern should plan its marketing strategies in such a way that it can turn shoppers into buyers. While marketing refers to a process of promoting or selling products and services with the help of tools like marketing research and advertising. There are many who think marketing is equal to advertising, but the thing is that marketing is a discipline, while advertising is just a branch of it. … [Read more...]
Difference Between Corporation and Company
A company can be understood as a form of business organization, which is an association of persons, set up with an aim of undertaking business. It possesses a legal status distinct from its members and governed by the Companies Act, 2013. It is an artificial person, having perpetual succession and a common seal. It is commonly confused with the corporation, which is nothing but a body corporate, registered within or outside the nation. Generally, corporations used to mean big business houses, … [Read more...]
Difference Between Balance Sheet and Consolidated Balance Sheet
Balance Sheet is a statement which exhibits the company's financial position on a specific date, by listing out the assets, liabilities, and capital. It is used to denote the ownership and owings of the company, at a given point in time. It plays a pivotal role in indicating the financial health of the entity, to help the users of the statement to take rational decisions. It is not exactly same as a consolidated balance sheet. Consolidated Balance Sheet is prepared when the details of … [Read more...]
Difference Between Balance Sheet of a Company and a Bank
Balance Sheet, or otherwise called as Position statement, is an integral part of the financial statement which shows the statement of affairs of an entity, in terms of what the business owns and what it owes to the external parties and to the owners, on a particular date. Balance Sheet of a trading concern and that of a banking concern are prepared differently because the act which rules the two are different. So, there are different formats provided in advance for the preparation of Balance … [Read more...]
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